Apple Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Costs of goods sold at the end of each year since the inception of the company are as follows: LIFO FIFO 2019 $200,000 $180,000 2020 400,000 360,000 Assume 2019 is the first year of operation. Ignoring income tax considerations, prepare the entry to report this accounting change on Jan 1, 2021: A) Inventory 60,000 Retained Earnings 60,000 B) Inventory 20,000 RE 20,000 C) Inventory 40,000 RE 40,000 D) No Entry is needed O A O B O D

Apple Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Costs of goods sold at the end of each year since the inception of the company are as follows: LIFO FIFO 2019 $200,000 $180,000 2020 400,000 360,000 Assume 2019 is the first year of operation. Ignoring income tax considerations, prepare the entry to report this accounting change on Jan 1, 2021: A) Inventory 60,000 Retained Earnings 60,000 B) Inventory 20,000 RE 20,000 C) Inventory 40,000 RE 40,000 D) No Entry is needed O A O B O D

Name: Apple Inc. changed from LIFO to the FIFO inventory costing method on
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Description: Apple Inc. changed from LIFO to the FIFO inventory costing method on January 1, 2021. Costs of goods sold at the end of eachyear since the inception of the company are as follows:LIFOFIFO2019$200,000$180,0002020400,000360,000Assume 2019 is the first

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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